Indiabulls Housing Finance hits fresh 52-week high post Q1 results

NEW DELHI: Shares of Indiabulls Housing Finance advanced over 3 per cent and hit their fresh 52-week high of Rs 1,201.90 on Tuesday after the mortgage lender on Monday posted a 25 per cent rise in the June quarter net at Rs 788.2 crore, supported by higher loan growth, reduction in cost of funds and the cost-to-income ratio.

The scrip was trading 2 per cent up at Rs 1,177 around 9.50 am (IST). It eventually ended the session at Rs 1,198.75, up 3.77 per cent. Shares of the company opened at Rs 1168 and touched an intraday high and low of Rs 1,201.90 and Rs 1,163.35, respectively.

The home loan financier had posted a net profit of Rs 630.10 crore in the same quarter last year.

Topline figures of the company increased by 24.2 per cent to Rs 3,225 crore for the quarter under review against Rs 2,597.50 crore a year earlier.

On the BSE, 1.36 lakh shares were traded on the counter so far as against the average daily volumes of 65,000 lakh shares in the past two quarters.

Disbursals figures of Indiabulls Housing Finance grew strongly to Rs 6,799 crore, up 29 per cent over the corresponding quarter of the previous financial year of Rs 5,251 crore.